Shiba Inu (SHIB) declined 5% on May 24 but found support near $0.00001445 as long-term holders resisted panic selling. On-chain data showed accumulation by whale addresses during the dip, suggesting strategic buying at perceived discount levels. The token’s resilience contrasts with broader meme coin weakness, highlighting SHIB’s transition toward utility projects like Shibarium.
Developer activity around Shibarium’s Layer 2 network and upcoming metaverse initiatives may have bolstered holder confidence. Unlike 2021’s purely speculative rallies, SHIB’s current price action reflects mixed sentiment between its meme origins and ecosystem development efforts. Trading volumes remained elevated despite the pullback, indicating sustained interest.
Analysts note SHIB’s correlation with Bitcoin has weakened recently, allowing it to outperform during BTC’s May 23 slump. However, the token remains vulnerable to broader market sentiment shifts. Key tests include maintaining support above $0.000014 and demonstrating real adoption metrics for Shibarium to justify its valuation.
